LONDON (Reuters) – Financial industry regulators need better coordination in the event of a big multinational financial institution failing or breaching compliance rules, the world’s top supervisory bodies have concluded in a survey.
Arrangements for handling failures of diverse financial groups are inadequate according to the survey by the Joint Forum which comprises the Basel Committee of global banking supervisors, the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).
LONDON, Sept 2 (Reuters) – Reviving Europe’s repackaged debt
market to fund economic recovery will take years and hinge on a
re-invention of the sector rather than quick regulatory tweaks,
bankers and regulators say.
The securitised debt, also known as asset-backed securities
or ABS, is created by banks pooling mortgages, and corporate,
auto or credit card loans and selling them to insurers, pension
funds and even the European Central Bank (ECB). This could help
wean the banks off cheap ECB money and provide funds that can be
lent to other businesses, helping economies to grow.
LONDON, Sept 2 (Reuters) – Britain’s accounting watchdog has
fined audit and advisory firm Mazars 2 million pounds ($3.3
million) for failing in 2007 to meet regulatory standards while
advising a pension fund.
It is the latest example of how the Financial Reporting
Council (FPC) is using its enhanced armoury of sanctions in a
bid to raise standards in a sector criticised for its
performance in the run up to the global financial crisis.
LONDON, Aug 29 (Reuters) – Banks, investors and other users
of bond markets have agreed to change how they would deal with
defaulting government debt in an attempt to avoid the disputes
seen with Argentina.
The International Capital Market Association (ICMA)
published a revised framework on Friday that allows a majority
of investors holding sovereign bonds that default to make
changes to the bond terms, such as extending maturities or
reducing the principal.
LONDON, Aug 28 (Reuters) – Britain’s financial regulator has
fined Deutsche Bank AG 4.7 million pounds ($8
million) for wrongly reporting certain market transactions for
nearly six years.
The Financial Conduct Authority said in a statement on
Thursday the bank failed to accurately report all the
contract-for-difference (CFD) equity swaps, totalling 29
million, it executed between November 2007 and April 2013.
LONDON (Reuters) – Britain’s Financial Conduct Authority is too quick to make top staff at firms pledge formally to carry out changes the watchdog orders, a body representing financial firms has said.
Graham Beale, chairman of the Financial Conduct Authority’s Practioner Panel, said there was concern at the increasing use of “attestations”, whereby the watchdog forces an individual at a supervised firm to sign up to making specific changes.
LONDON, Aug 26 (Reuters) – Britain’s Financial Conduct
Authority is too quick to make top staff at firms pledge
formally to carry out changes the watchdog orders, a body
representing financial firms has said.
Graham Beale, chairman of the Financial Conduct Authority’s
Practioner Panel, said there was concern at the increasing use
of “attestations”, whereby the watchdog forces an individual at
a supervised firm to sign up to making specific changes.
LONDON, Aug 22 (Reuters) – The European Union will decide
next year if legal changes are needed to boost the market for
securitised debt, a sector seen as key to injecting funds into
the economy and encouraging growth, an EU document showed on
The document is another indicator that concern over the
level of funding to the EU economy, particularly in the flagging
euro zone, has reached the highest political level.
LONDON, Aug 21 (Reuters) – Government leaders are expected
to agree in November that the world’s top banks must issue
special bonds to increase the amount of capital which can be
tapped in a crisis instead of calling on taxpayers to come to
the rescue, industry and G20 officials said.
The bonds, known as “gone concern loss absorption capacity”
or GLAC, are seen by regulators as essential to stopping the
world’s 29 biggest lenders from being “too big to fail”.
LONDON (Reuters) – Fund managers may face tougher scrutiny by global regulators than planned after their intense lobbying against a first proposal backfired, industry sources and G20 officials said.
A global G20 task force is rethinking its initial approach which involved targeting the biggest funds, and could opt for a more intrusive method that would affect more funds by limiting their market activities during periods of turbulence, the sources told Reuters.